Chapter 11
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Chapter 11. Know how to read a product map. Goods and services offered by businesses ______________. supply. How did Cyrus McCormick make life easier for farm workers ?. Cyrus McCormick invented the reaper. How does a business make a profit?.

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Chapter 11

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Chapter 11


Know how to read a product map


Goods and services offered by businesses______________


supply


How did Cyrus McCormick make life easier for farm workers?


Cyrus McCormick invented the reaper.


How does a business make a profit?


A business makes a profit when it sells a product for more than it paid for the product.


How does a business compete with other businesses or shops?


The business or shop offers the best prices and provides good service.


A kind of technology that lets people share information instantly _________________


Communication link


If there is a great demand for a product and a low supply of it, the price will usually be _____________________


Very high


The demand of a product will be small if ___________________


People decide to save their money rather than spend it


new ideas and products___________________


innovations


How was Henry Ford able to sell more cars at a lower price?


By using an assembly line, Ford could produce cars quickly and cheaply.


Which of the following resources were NOT used in Henry Ford’s factory?A. robotsB. raw materialsC. human resources D. capital resources


robots


Louis Daguerre introduced people to photography when he found a way to ………


prevent images from fading away


to do just one kind of work or to sell just one kind of product _________________


specialize


Why is international trade different today from trade during Marco Polo’s time?


Technology has made it easier and faster for people to buy and sell goods


What do interdependent countries do?


Interdependent countries exchange goods and services.


A factory setup in which each worker adds one part to a product as it passes on a moving belt _________________


assembly line


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